1. Oil Prices Rally As Markets Steady
Oil prices (USOIL) rose by 1 percent on Monday as global stock markets began to stabilize. It should be noted however, that rising United States oil production is still threatening to undermine all efforts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to tighten markets and prop up prices. U.S. West Texas Intermediate (WTI) crude futures were last seen trading at $59.92 a barrel as of 7:40 GMT, up 72 cents, or 1.2 percent, from their last settlement.*
2. Gold Edges Higher On Weaker Dollar
Gold prices rose this Monday morning as the dollar slipped against its major rivals. Spot gold (XAUUSD) rose 0.7 percent to $1,325.90 per ounce at 7:40 GMT as a weaker greenback made dollar-denominated gold less expensive, and therefore more attractive, for holders of other currencies. It should be noted that investors will now be focusing on U.S. consumer price data, due to be released on Wednesday, for signs of the intensity of expected interest rate increases. You can find all future data releases on BDSwiss’ Economic Calendar.**
3. Yen Firms Against Dollar
The Japanese yen edged higher versus the dollar on Monday, but earnings were capped by a bounce in U.S. equities late last week. The dollar eased 0.2 percent to 108.56 yen this morning after falling nearly 1.3 percent against the yen last week. Investors will now be focusing on Japan’s preliminary Q4 GDP growth on Tuesday at 23:50 GMT. A stronger than expected reading is expected to provide more support to JPY pairs.***
You can find and trade all of the above mentioned equities and commodities on BDSwiss Forex/CFD platforms.
*Source: Bloomberg
**Source: CNBC
***Source: Reuters
Upcoming Earnings Reports This Week:
12/2/2018 – Michelin (#MGDDF) to report pre-market
12/2/2018 – Credit Suisse Group AG (#CS) to report pre-market
14/2/2018 – Cisco Systems, Inc. (#CSCO) to report pre-market
15/2/2018 – Avon Products, Inc. (#AVP) to report post-market
16/2/2018 – Air France-KLM (#AFRAF) to report pre-market
16/2/2018 – Renault SA (#RNSDF) to report pre-market
